The Finance of Minister Kemi Adeosun, has announced that the Federal Government will pump about N350 billion into Nigeria’s ailing economy in the forthcoming months, as soon as the 2016 budget is passed by the National Assembly.
Nigerian Bulletin reports that the money would be paid to contractors to enable them re-engage staff they had laid off.
Speaking at the recently concluded National Economic Council retreat in Abuja, she said “From the Federal Ministry of Finance, in anticipation of the approval of the budget, we’ve virtually lined up about N350 billion which we’ll be pumping into the Nigerian economy in the forthcoming months.”
We explained our rationale and the processes that we’ve put in place, safeguards, to ensure that this money actually achieves the desired objective which is to stimulate the economy,” she said.
“We’re already discussing with some of the contractors who will be paid these monies and the objective from the overall criteria is how many Nigerians would be re-engaged. We’re specifically looking at contractors who have laid off staff and how many Nigerians are you going to put back to work as a result of this money that we’re planning to release and we believe that this would bring significant economic activity”, she added
Meanwhile, the long awaited 2016 budget submitted by President Muhammadu Buhari has been finally passed on Wednesday, March 23.